New Shibarium Update Sets The Stage For Shiba Inu To Reach All-Time High
September 05 2023 - 10:00AM
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The burning of SHIB tokens has become an important part of the
Shiba Inu community. Each week, tokens are sent to a ‘burn’ address
by community members as they try to reduce the supply of the token.
This is why the introduction of a burn mechanism for the Shibarium
Layer 2 network is a welcome development for the community. Lead
Dev Says Shiba Inu Burn Portal Is Coming In a tweet shared on X
(formerly Twitter) on Monday, Shiba Inu lead marketer LUCIE shared
a much-anticipated announcement with the community. Lucie revealed
in a screenshot of an exchange with the developer that a Shiba Inu
burn portal for Shibarium was being developed. Related Reading:
Shiba Inu Whales Begin Accumulation As Shibarium Grows This comes
after a long stretch of calls for the team to introduce an
automatic burn for SHIB as the Shibarium blockchain grows. However,
contrary to the belief that the burn portal is exactly what is
needed, the developer emphasized that “BURNS WILL NOT AND ARE NOT
THE END ALL BE ALL.” Instead, the developer says that the focus
should shift toward the adoption of the blockchain rather than
being on just burns. So to confirm that ADOPTION is the right
way🌝$SHIB Burns x Shytoshi answered pic.twitter.com/BizkLZ0V83 —
𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) September 4, 2023 The
developer’s words echo an earlier post made by the lead marketer on
X. According to Lucie, the only way that SHIB would be burned is if
the blockchain is being used. Token burns are dependent on fees
generated from transactions. So this is why the emphasis should be
placed on adoption rather than straight burns. “The more you use
Shibarium, the higher the traffic, which drives up gas fees,” Lucie
explained in the tweet. WE NEED TO USE #Shibarium It won’t burn
$SHIB if you don’t use it! Onboarding millions of people to
Shibarium will take time and community effort. More information
about burns will be revealed in the upcoming documentation. BUT it
has been clearly explained in… pic.twitter.com/xjo27NlPP8 — 𝐋𝐔𝐂𝐈𝐄 |
Summer of Shibarium (@LucieSHIB) September 4, 2023 Lucie pointed
out in a follow-up tweet that the Shiba Inu price had been able to
hit its previous all-time high without any burn mechanism in place.
“$SHIB will be a governance token with global adoption – the next
ATH could be interesting,” she concluded. Will A Shibarium Burn
Portal Lead To New ATH? The emphasis being placed on a burn
mechanism by the community comes as a result of an expectation that
lower supply leads to higher prices. While this is true for digital
assets, there are other factors that contribute to a token reaching
a new all-time high price. Related Reading: Shiba Inu Marketing
Lead Sends Important Message To SHIB Holders For one, the current
crypto market trend has to be considered. With a bear market still
raging on, it is safe to say that tokens are not hitting ATHs
anytime soon. So even if a Shiba Inu burn portal was introduced
today, it would not automatically guarantee a new ATH. However, it
could lead to a surge in price, even if briefly. Hence, working
toward adoption rather than just burns presents a more long-lasting
value addition. SHIB’s price is currently sitting at $0.000007549
after falling 2.40% in the last day and 6.91% in the last week. It
is the 16th-largest cryptocurrency with a market cap of $4.44
billion. SHIB bulls push price above $0.0000075 support | Source:
SHIBUSD on Tradingview.com Featured image from Unsplash, chart from
Tradingview.com
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